Concho Resources Inc. Announces Common Stock Offering

May 12, 2014 06:25 AM Eastern Daylight Time

MIDLAND, Texas--(BUSINESS WIRE)--Concho Resources Inc. (NYSE:CXO) (the “Company”) today announced that it
intends, subject to market conditions, to commence a registered public
offering of 6,000,000 shares of common stock. The Company also expects
to grant the underwriters an option to purchase up to 900,000 additional
shares of stock. Net proceeds from the offering are expected to be used
to repay all outstanding borrowings under the Company’s credit facility
and for general corporate purposes, including funding the Company’s
three-year accelerated growth plan, capital commitments associated with
the recently announced midstream joint venture and future acquisitions.

Goldman, Sachs & Co., BofA Merrill Lynch, Barclays and J.P. Morgan are
acting as joint book-running managers for the offering. The offering
will be made only by means of a preliminary prospectus supplement and
the accompanying base prospectus, copies of which may be obtained on the
Securities and Exchange Commission’s website at www.sec.gov.
Alternatively, the underwriters will arrange to send you the preliminary
prospectus supplement and related base prospectus if you request them by
contacting: Goldman, Sachs & Co., 200 West Street, New York, NY 10282,
Attention: Prospectus Department, by calling (866) 471-2526, or by
e-mailing prospectus-ny@ny.email.gs.com;
BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attn: Prospectus
Department, email dg.prospectus_requests@baml.com;
Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue
Edgewood, NY 11717, Telephone: (888) 603-5847 or by emailing Barclaysprospectus@broadridge.com;
or J.P. Morgan, via Broadridge Financial Solutions, 1155 Long Island
Avenue, Edgewood, New York, 11717, by calling: (866) 803-9204.

This press release is neither an offer to sell nor a solicitation of an
offer to buy any securities, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. A registration statement relating to the securities has
been filed and became effective September 21, 2012.

About Concho Resources Inc.

Concho Resources Inc. is an independent oil and natural gas company
engaged in the acquisition, development and exploration of oil and
natural gas properties. The Company's operations are focused in the
Permian Basin of Southeast New Mexico and West Texas.

Forward-Looking Statements and Cautionary Statements

The foregoing contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. All statements, other than statements
of historical facts, included in this press release that address
activities, events or developments that the Company expects, believes or
anticipates will or may occur in the future are forward-looking
statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release specifically
include statements, estimates and projections regarding the Company's
future financial position, liquidity and capital resources, operations,
performance, production growth, acquisitions, returns, capital
expenditure budgets, oil and natural gas reserves, number of identified
drilling locations, drilling program, derivative activities, costs and
other guidance included in this press release. These statements are
based on certain assumptions made by the Company based on management's
experience, expectations and perception of historical trends, current
conditions, anticipated future developments and other factors believed
to be appropriate. Forward-looking statements are not guarantees of
performance. Although the Company believes the expectations reflected in
its forward-looking statements are reasonable and are based on
reasonable assumptions, no assurance can be given that these assumptions
are accurate or that any of these expectations will be achieved (in full
or at all) or will prove to have been correct. Moreover, such statements
are subject to a number of assumptions, risks and uncertainties, many of
which are beyond the control of the Company, which may cause actual
results to differ materially from those implied or expressed by the
forward-looking statements. These include the factors discussed or
referenced in the “Risk Factors” section of the Company's most recent
Form 10-K filing and risks relating to declines in the prices we receive
for our oil and natural gas; uncertainties about the estimated
quantities of reserves; drilling and operating risks; the adequacy of
our capital resources and liquidity; the effects of government
regulation, permitting and other legal requirements, including new
legislation or regulation of hydraulic fracturing; difficult and adverse
conditions in the capital and credit markets; risks related to the
concentration of our operations in the Permian Basin; shortages of
oilfield equipment, services and qualified personnel and increases in
costs for such equipment, services and personnel; the results of our
hedging program; risks and liabilities related to the integration of
acquired assets; uncertainties about our ability to successfully execute
our business and financial plans and strategies; uncertainties about our
ability to replace reserves and economically develop our current
reserves; general economic and business conditions; competition in the
oil and natural gas industry; uncertainty concerning our assumed or
possible future results of operations; and other important factors that
could cause actual results to differ materially from those projected.

Any forward-looking statement speaks only as of the date on which
such statement is made, and the Company undertakes no obligation to
correct or update any forward-looking statement, whether as a result of
new information, future events or otherwise, except as required by
applicable law.